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Mergers & AcquisitionsMedium•8 May 2026•

1 min read

Array Digital Infrastructure Forms Special Committee to Evaluate TDS Acquisition Bid

Key Facts

1Array Digital Infrastructure confirmed receipt of a non-binding proposal from Telephone and Data Systems to acquire all outstanding common shares not already owned by TDS.

2The Array board of directors formed a special committee of independent directors to evaluate the acquisition proposal dated May 7, 2026.

Array Digital Infrastructure has confirmed the receipt of a non-binding proposal from Telephone and Data Systems (TDS) to acquire all outstanding common shares not currently held by TDS. The proposed transaction is structured as an all-stock merger, with an exchange ratio set at 0.86 TDS common shares for each AD share. In response, the Array board of directors has established a special committee of independent directors to evaluate the proposal dated May 7, 2026. This committee is tasked with reviewing the financial and strategic merits of the potential transaction to protect shareholder interests. The move signals TDS's intent to consolidate full ownership of the digital infrastructure firm. As the proposal is currently non-binding, there is no guarantee that a definitive agreement will be reached, highlighting ongoing consolidation trends within the sector.

27 days ago

Version History

Version 127 days ago

What changed: The story was updated to include specific financial terms of the offer, including the all-stock merger structure and the 0.86 exchange ratio.